The Real Deal Miami

More than 250,000 SF foreclosures since 2007

August 31, 2010 11:15AM

The area is on pace for 70,000 foreclosure actions this year

Banks have initiated more than 250,000 foreclosure actions against
properties in the tri-county area since 2007, according to a new report
from Condo Vultures. The South Florida region reached the number last Friday when lenders initiated a combined 248 actions against
properties in Miami-Dade, Broward and Palm Beach counties. Lenders have
had to file an average of about 200 actions per day to reach the 250,000
mark, according to Peter Zalewski, founder of Condo Vultures. The region is
on pace for around 70,000 actions this year, down from 97,000 in 2009. TRD